[140 Pages Report] The global clinical alarm management market is expected to reach USD 1,724 million by 2023 from an estimated USD 457 million in 2018, at a CAGR of 30.4% during the forecast period. The study involved four major activities to estimate the current market size for clinical alarm management. Exhaustive secondary research was done to collect information on market, peer market and parent market. The next step was to validate these findings, assumptions, and sizing with industry experts across value chain through primary research. Both top-down and bottom-up approaches were employed to estimate the complete market size. Thereafter market breakdown and data triangulation was used to estimate the market size of segments and subsegments.

Secondary Research

In the secondary research process, various secondary sources such as the Association for the Advancement of Medical Instrumentation (AAMI), American Association of Critical-Care Nurses (AACN), California Hospital Patient Safety Organization (CHPSO), Association of periOperative Registered Nurses (AORN), National Association of Clinical Nurse Specialists (NACNS), Infusion Nurses Society, New England Society of Clinical Engineering (NESCE), Intelligent Health Association (IHA), Economic Cycle Research Institute (ECRI), Healthcare Information and Management Systems Society (HIMSS), the Joint Commission (TJC), German Association of Biomedical Engineering (DGBMT), National Center for Patient Safety (NCPS), Middle East Society of Anaesthesiologists, National Patient Safety Foundation (NPSF), European Federation for Medical Informatics (EFMI), directories, industry journals, databases, press releases, and annual reports of the companies have been used to identify and collect information useful for the study of this market.

Primary Research

In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include industry experts such as CEOs, vice presidents, marketing directors, technology and innovation directors, and related key executives from various key companies and organizations operating in the clinical alarm management market. The primary sources from the demand side include personnel from research organizations, academic institutes, and purchase managers.

A robust primary research methodology has been adopted to validate the contents of the report

Both telephonic and e-mail interviews of primary participants were conducted through questionnaires

Market Size Estimation

Top-down and bottom-up approaches were used to validate the size of the global clinical alarm management market and estimate the size of other dependent submarkets. These methods were also used extensively to estimate the size of various subsegments in the market. The research methodology used to estimate the market size includes the following:

The key players in the industry and markets have been identified through extensive secondary research.

The industry’s supply chain and market size, in terms of value, have been determined through primary and secondary research processes.

All percentage shares, splits, and breakdowns have been determined using secondary sources and verified through primary sources.

Data Triangulation

After arriving at the overall market size using the market size estimation processes as explained above the market was split into several segments and subsegments. In order to complete the overall market engineering process and arrive at the exact statistics of each market segment and subsegment, the data triangulation and market breakdown procedures were employed, wherever applicable. The data was triangulated by studying various factors and trends from both, the demand and supply sides.

Report Objectives

To define, measure, and describe the global market by component, product, end user, and region

To provide detailed information about the major factors influencing market growth (drivers, restraints, challenges, and opportunities)

To analyze micromarkets with respect to individual growth trends, prospects, and contributions to the overall market

To analyze market opportunities for stakeholders and provide details of the competitive landscape for key players

To forecast the size of market segments in North America, Europe, Asia Pacific, and RoW

To strategically analyze the market structure and profile key players in the global market and comprehensively analyze their core competencies

To track and analyze company developments such as product launches and enhancements; acquisitions; expansions; and agreements, partnerships, & collaborations in the market

Product Analysis

Company Information

Regional Analysis

Further breakdown of Asia Pacific market into India, China, Japan, and Rest of Asia Pacific (RoAPAC)

The global clinical alarm management market is expected to reach USD 1,724 million by 2023 from an estimated USD 457 million in 2018, at a CAGR of 30.4% during the forecast period. The growth of this market is primarily driven by factors such as increasing alarm fatigue, high prevalence of chronic diseases, growth in the geriatric population, need for cost-containment in healthcare delivery, and rising prominence and usage of big data and mHealth tools.

By component, solutions segment is expected to be the largest contributor in the clinical alarm management market.

Based on component, the market is segmented into two broad categories solutions and services. In 2018, the solutions segment is expected to account for the largest share of the market. This can be attributed to the benefits offered by software to enable caregivers in making informed decisions on setting alarm protocols and parameter limits, reducing audio alarm burdens on patients and staff, modifying alarm priorities to make alarms more actionable, and decreasing technical alarms with better lead preparation and lead replacement policies.

On the basis of product, the clinical alarm management market is segmented into nurse call systems, physiological monitors, EMR integration systems, bed alarms, ventilators, and others (infusion pumps and pulse oximeters). On the contrary, the EMR integration systems segment is also expected to grow at the highest rate during the forecast period. This can be attributed to the benefits offered by integrating medical devices, initiatives by several governmental and non-governmental organizations to incentivize healthcare providers to implement EHRs integrated with clinical decision support (CDS), growing pressure to cut healthcare costs, rising geriatric population, and increasing incidence of chronic disorders among others.

On the basis of end user, the global clinical alarm management market is segmented into hospitals, long-term care centers, and ambulatory care centers & home care settings. The ambulatory care centers & home care settings segment is expected to register the highest CAGR during the forecast period. The high growth in this segment can be attributed to the rising need to streamline administrative tasks, secure clinical information, and improve access to information; increasing need for early detection and intervention for reducing the risk of acute complications; and increasing focus on reducing treatment costs; and benefits of clinical alarm management in remote patient monitoring.

North America is expected to account for the largest market size during the forecast period

North America is the major revenue generating region in the global clinical alarm management market. The market in the region is driven by the increasing cases of alarm fatigue and initiatives by government bodies to curtail the effects of alarm fatigue and the increasing need for integrated healthcare IT systems to ensure reliability, efficient maintenance of data, data integrity, and timely availability of patient data to authorized healthcare professionals.

Philips is a global leader in health technology. Philips Healthcare offers more than 450 products and services in over 100 countries, including a broad range of patient monitoring devices. The company’s healthcare business accounts for about 42% of its global sales revenue. To strengthen its current position and to gain a larger share in the market, the company aggressively focuses on growth strategies such as partnerships, agreements, product launches, and approvals. The company focuses on innovation through extensive research and development activities. Through its Connected Care & Health Informatics segment alone, the company invested USD 450.8 million, USD 429.4 million, and USD 428.4 million in R&D activities in 2017, 2016, and 2015, respectively.

Vocera Communications is the dominant player in the clinical alarm management market. The company focuses on investing in R&D for the development of new solutions. It invested USD 27.7 million, USD 18.3 million, and USD 17.0 million in R&D activities in 2017, 2016, and 2015, respectively. Vocera sells its products to countries outside the US such as Canada, the UK, Australia, New Zealand, Saudi Arabia, and Qatar. As of December 31, 2017, Vocera’s solutions were selected by approximately 250 healthcare facilities outside the US. Moreover, the company also has a strong IP portfolio. As of December 31, 2017, the company has 30 U.S. patents for various software platforms and communication badges.

Recent Developments

In October 2017, GE Healthcare (US) entered into partnership with Ascom (Switzerland) to enable the addition of alarm management solution called Digistat Patient Watch to GE Healthcare’s portfolio of solutions for the intensive care